Annual Report 2017-18 | Monash Health

Notes to the Financial Statements
Monash Health Annual Report 2017/2018
Note 8.5: Related parties
Monash Health is a wholly owned and controlled entity of the State of Victoria. Related parties of the
hospital include:
• All key management personnel (KMPs) and their close family members;
• Cabinet ministers (where applicable) and their close family members; and
• Controlled entities
• All hospitals and public sector entities that are controlled and consolidated into the whole of state
consolidated financial statements.
KMPs are those people with the authority and responsibility for planning, directing and controlling the
activities of Monash Health and its controlled entities, directly or indirectly.
The Board of Directors and the Chief Executive of Monash Health and it's controlled entities are
deemed to be KMPs.
Key Management Personnel
Monash Health
Ms Barbara Yeoh (term expired 30 June 2018)
Ms Debbie Williams (term expired 30 June 2018)
Mr Charles Gillies
Ms Heather Cleland
Mr Dipak Sanghvi
Ms Jorden Lam
Dr Misty Jenkins
Ms Sarah Ralph
Prof. Hatem Salem
Mr Andrew Stripp
Position Title
Board Member
Board Member
Board Member
Board Member
Board Member
Board Member
Board Member
Board Member
Board Member
Chief Executive
Kitaya Holding Pty Ltd's KMPs are disclosed in the company's financial statements
Significant transactions with government-related entities
Monash Health received funding from the Department of Health and Human Services of $1,451
million (2017: $1,384 million).
The Department of Health and Human Services granted an interest free loan of $10m to Monash
Health during the year ended 30 June 2018. The loan is repayable over 10 years with repayments
Monash Health has two loan agreements with Treasury Corporation of Victoria for $19.6m and
$13.3m with amounts borrowed repayable over 22 and 20 years respectively. At 30 June 2018, the
total amount due to the Treasury Corporatiion of Victoria in relation to these loans was $27.2m.
Expenses incurred by Monash Health in delivering services and outputs are in accordance with Health
Purchasing Victoria requirements. Goods and services including procurement, diagnostics, patient
meals and multi-site operational support are provided by other Victorian Health Service Providers on
commercial terms.
Professional medical indemnity insurance and other insurance products are obtained from a Victorian
Public Financial Corporation.
Treasury Risk Management Directions require Monash Health to hold cash (in excess of working
capital) and investments, and source all borrowings from Victorian Public Financial Corporations.
The compensation detailed below excludes the salaries and benefits the Portfolio Ministers receive.
The Minister’s remuneration and allowances is set by the Parliamentary Salaries and Superannuation
Act 1968 , and is reported within the Department of Parliamentary Services’ Financial Report.
128 Monash Health Annual Report 2017-18